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84 West AveNorwalk, CT 06854

Prime SoNo location, high income potential.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional redevelopment opportunity presents a 90,098 square foot mixed-use property at 84 West Avenue, Norwalk, CT. Strategically located across from The SoNo Collection, this one-story, 13-unit building boasts 150 feet of West Avenue frontage and offers immediate income potential. Currently 97% occupied with 12 tenants (11 apartments and 2 office suites), it projects a 2024 Net Operating Income (NOI) of $105,000. The property sits on a 0.77-acre lot and includes approximately 25 parking spaces—a rare amenity in this vibrant area. Built in 1920 and renovated in 1994, the building benefits from recent zoning changes that unlock significant redevelopment potential. Its prime location offers easy access to the South Norwalk Train Station and I-95, placing it within walking distance of numerous amenities, including restaurants, banks, and retail stores. The property is zoned Urban Center Community District (CD-4). Most tenants are on month-to-month leases, with three leases expiring in August 2025. This provides flexibility for a new owner while awaiting development plan approvals. Individual gas boilers serve eight units; the remaining units use electric power. On-site laundry facilities are available. The ground floor is occupied by Durango Insurance. This is a sealed bid offering with a deadline of November 12, 2024, at 5 PM EST.

Highlights

  • Prime South Norwalk, CT location across from The SoNo Collection, offering 150 feet of West Avenue frontage.
  • Projected 2024 NOI of $105,000 with a 3% vacancy rate.
  • Conveniently located near South Norwalk Train Station and I-95.
  • 9,098 SF mixed-use building featuring 11 apartments and 2 office suites on a 0.77-acre lot.
  • Offers approximately 25 on-site parking spaces.
  • Significant redevelopment potential due to updated zoning regulations.

Property Details for 84 West Ave

Property type
Office properties, Mixed-use properties
Square Feet
90,098 SF
Year Built/Renovated
1920/1994
Buildings
1
Stories
1
Lot Size (sq. ft)
33,541 SF
Units
13

Location Insight

City
Norwalk
County
Fairfield
State
Connecticut
Latitude
41.104806878508
Longitude
-73.419766722447
84 West Ave, Norwalk, Connecticut

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84 West Ave
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